A display that combines the best features of LCDs and e-ink has long been a major goal [see “Lite, Brite Displays,” IEEE Spectrum, March 2010]. This year, one of the best and brightest of the dozen or so contenders should finally make its commercial debut.

Quote:

Feenstra declined to say what Samsung’s initial targets would be, but he singled out reflective-mode applications as “an interesting commercial opportunity.” Other than that, he would say only that “the current display industry is very mature, and flat in terms of revenue growth. So rather than target existing markets, we are looking for whole new markets—ones where there is a gap that can’t be fulfilled by existing technologies.”

I'm unclear about whether it's possible to have a device that is BOTH backlit AND reflective, for indoor/outdoor use, or whether it's one or the other.

Possible?
Sure! Transflective LCDs have been doing it for over 10 years.
It's not hard to do; think of the "one way glass" that reflects like a mirror when the back is dark and is transparent when the back is lit.http://en.wikipedia.org/wiki/One-way_mirror

From the IEEE article, there is another company that uses similar/same tech but focuses on eReaders. They already have on their website some cool looking target specs. Perhaps between them and Samsung we'll get to see an actual consumer device at some point (maybe CES2014?).